Reddit prices IPO at $34 per share in first major social media offering since 2019
Publishing timestamp: 2024-03-21 11:26:51
Summary
Reddit priced its IPO at $34 per share, valuing the company at about $6.5 billion. The IPO was priced at the top of its expected range, and investors are closely monitoring Reddit's debut. The company's public market debut on Thursday will be the first for a major social media company since 2019. Despite facing competition from industry giants, Reddit's revenue increased 20% last year. The company is also exploring data licensing as a potential revenue stream.
Sentiment: MIXED
Tickers: META, GOOGL, ABNB, DOCS, ARM, RIVN, ALAB, UNDEFINED, AMZN, PINS, SNAP,
Keywords: meta platforms inc, rivian automotive inc, mobile, pinterest inc, arm holdings plc, astera labs inc, amazon.com inc, business news, klaviyo inc, instacart (maplebear inc), airbnb inc, snap inc, doximity inc, alphabet inc, internet, technology, social media, breaking news: technology,
Source: https://www.cnbc.com/2024/03/20/reddit-prices-ipo-at-34-per-share-sources-say.html